Mastercard and CRED, a fintech unicorn, today launched a campaign that will enable Mastercard credit cardholders to make tuition and rent payments for housing expenses using the CRED app.
How it works
To make payments, consumers only need to enter the bank account number and Indian Financial System Code (IFSC) of the receiving educational institution or the rent recipient on the CRED app and follow five steps:
1. Go to the pay section on the CRED app (https://app.cred.club/k63y/gy0mu754)
2. Click on RENT or EDUCATION payments
4. Enter the payee details
3. Select the offer
5. Select their Mastercard credit card and complete the transaction
In addition to availing of the standard benefits they enjoy when using a Mastercard credit card on the CRED app, cardholders will earn extra rewards such as:
Rs 100 cashback and Rs 999 e-learning gift voucher when paying tuition fees
2 percent cashback up to Rs 200 when paying rent for housing
“By rewarding transactions and providing a seamless experience, we can enable more CRED members to use their cards for large value recurring transactions. Partnerships with ecosystem stakeholders like Mastercard encourage members to pay their monthly rent and education fee payments on their credit cards, enabling them to gain more credit card points and unlock greater liquidity,” said Akshay Aedula, CRED.
“This partnership with CRED opens convenient, new payment possibilities on credit card spends for millions of mobile-first users and facilitates greater choice for Mastercard cardholders. Enabling high value, recurring transactions such as tuition and rent to be paid on credit cards will make strides in accelerating India’s transition to a less cash economy,” said Aditya Murthy, Vice President, Digital Partnerships, South Asia, Mastercard.